全球金融危機之成因、影響及因應

The Causes, Impacts and Responses of the Global Financial Crisis

2007年7月美國次級房貸風暴發生迄今，造成全球金融混亂的深度與廣度可說是空前。尤其2008年9月，雷曼兄弟宣布破產、美林投資銀行被美國銀行併購、美國國際集團（AIG）向FED申請緊急融資之效應持續擴大與深化，形成金融海嘯。金融海嘯波及全球，各國股市全面巨幅下跌，並已衝擊實質經濟。為穩定金融市場，歐美各國政府採取聯合降息、擔保銀行債務、注資銀行，甚至國有化等金融業紓困措施，來紓解流動性緊縮壓力、挽救金融體系的信心危機；另為遏止金融風暴隨之而來的景氣衰退，各國政府亦陸續採取振興景氣措施。本文將分析金融危機的成因，並從金融面及實質面分析金融危機對全球經濟所帶來的衝擊，以及各國採取之因應措施。

Since the US subprime mortgage crisis erupted in July 2007, it has resulted in global financial turmoil of unprecedented depth and breadth. In particular, the events of September 2008, when Lehman Brothers declared bankruptcy, Merrill Lynch was taken over by Bank of America, and the insurance giant AIG applied to the Fed for emergency financial support, expanded and deepened the crisis. The resulting financial tsunami that has swept around the world has sent stock markets spiraling down and severely shaken real economies. To stabilize financial markets, Western governments have adopted orchestrated interest rate cuts and such bailout measures as guaranteeing bank liabilities, injecting funds into banks, and even nationalizing banks, as means of relieving liquidity tightening stresses and restoring confidence in the financial system. And to combat the economic recession that has followed in the wake of the financial storm, governments worldwide have also adopted a series of stimulus measures. This paper analyzes the causes of the financial crisis, its impact on both the financial and real sides of the global economy, and the responsive measures taken by various governments.